As such, Moody’s expects emerging economies to struggle while they address the social and political risks coming from the widening income gap amid the pandemic.
“Governments with weak social protection systems and low fiscal capacity to raise spending will face particular challenges in tackling income inequality. India, Indonesia and, to some extent, Malaysia and the Philippines stand out in this regard,” Moody’s said. The debt watcher nonetheless noted that these four emerging Asian economies have already been tapping fiscal policy to reduce income inequality, particularly through their cash transfer schemes as well as wider social assistance coverage for poor households.
In the case of the Philippines, Moody’s said it “reports strong coverage and benefit incidence, but low spending as a share of GDP.” The Philippines disburses conditional cash transfers through its Pantawid Pamilyang Pilipino Program targeting low-income households, which also benefited from the cash assistance given away under the Social Amelioration Program at the height of the longest and most stringent lockdown in the region. INQ
bendeveraINQ It will also aggravate the gap between the powerful and the powerless.
bendeveraINQ ❤️❤️❤️
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.